Any time you buy property, a certain level of risk is involved. In some cases, the risk is beyond the control of the seller or buyer. However, there are some steps you can take to minimize the risk you face. One of the best things you can do is hire an Aurora estate planning attorney. Some other helpful documents and methods to reduce risk are found here.
The Deed of Trust
Even though these documents are typically associated with mortgages, any transfer of property that involves an obligation that is to be fulfilled down the road may involve the deed of trust. Rather than providing the entire purchase price, the buyer pays a portion and then makes a promise to pay the rest at a later date. Then, the deed will go to a trustee who only has power if the buyer doesn’t pay the remaining obligation. You can speak with your Aurora estate planning attorney to determine if this could be beneficial for your situation.
The Quitclaim Deed
These documents are commonly used for transferring property after a divorce or in other situations where there is no money changing hands. The quitclaim deed is also used for family members and in other relationships where there is significant trust. This type of deed is not used very often because the seller is not making any warranty in it. Instead, the buyer is only getting the interest that the seller provided.
When it comes to buying and selling property, it is essential that you take steps to protect yourself and your interests. In most cases, hiring an Aurora estate planning attorney is the best course of action. They can determine what needs to be done to ensure your interests are safe and protected, regardless of the situation you are facing.
To find additional answers to common questions regarding property transfer, contact The Fitzgerald Law Firm, P.C. by calling 630-946-6060.
